Singapore has jumped two places to fourth on the list of the world's wealthiest cities after its millionaire population jumped 64 percent in the past decade, according to Henley & Partners Report.
The city has seen a surge in its high net worth individual (HNWI) population, with 3,400 individuals moving here in just one year, by 2023. It is currently home to 244,800 millionaires with investable assets >US$1 million, 336 centi-millionaires with investable assets >US$100 million and 30 billionaires with investable assets >US$1 billion.
This achievement puts Singapore close to Tokyo, Japan, which ranks third globally, and has the potential to surpass it as Asia's wealthiest city "very soon". As a rapidly developing global financial hub, Singapore is expected to continue to climb the list of the world's wealthiest cities.
Considered one of the world's most business-friendly metropolises, it serves as a primary magnet for wealthy individuals seeking residency or citizenship. With a favorable business climate, favorable tax policies and a strategic location in Asia, Singapore is highly attractive to multinational corporations and high net worth individuals. The government's commitment to encouraging foreign investment has also contributed to the rapid growth of the millionaire population.
In addition, its high standard of living, healthcare, education and well-developed infrastructure make it an attractive destination for affluent individuals and their families.
Meanwhile, New York remains home to the largest number of millionaires in the world, with more than US$3 trillion in assets, followed by Northern California's Bay Area. Over the past decade, both cities have experienced significant growth in their millionaire populations, with New York growing by 48 percent and Northern California's Bay Area by 82 percent.
Tokyo, ranked third, experienced a 5% decline in its HNWI population, despite being a focal point a decade ago.
In comparison, London, once the wealthiest city, has fallen to fifth place with a 10% decline in the number of HNWIs over the past decade.
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